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What Caused the Massachusetts Fiscal Crisis?

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  • Elissa Braunstein

Abstract

Massachusetts, like many states across the country, is facing its worst fiscal crisis since World War II. The consensus among politicians and pundits is that the problem is the recession or, alternatively, "extravagant" state spending in the 1990s. But an analysis of state tax revenue data reveals that the major reason for the budget shortfall is legislated cuts in capital gains and personal income tax rates, along with declines in the yield of the corporate income tax. Without these tax cuts, the state would not be facing a budget crisis at all.

Suggested Citation

  • Elissa Braunstein, 2004. "What Caused the Massachusetts Fiscal Crisis?," Challenge, Taylor & Francis Journals, vol. 47(4), pages 17-40.
    • Handle: RePEc:mes:challe:v:47:y:2004:i:4:p:17-40
    DOI: 10.1080/05775132.2004.11034257
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    Cited by:

    1. Beata Guziejewska & Katarzyna Walerysiak-Grzechowska, . "A Local Government Revenue System under Macroeconomic Pressure: The Case of Poland," Prague Economic Papers, University of Economics, Prague, vol. 0, pages 1-23.
    2. Beata Guziejewska & Katarzyna Walerysiak-Grzechowska, 2020. "A Local Government Revenue System under Macroeconomic Pressure - The Case of Poland," Prague Economic Papers, Prague University of Economics and Business, vol. 2020(1), pages 29-52.

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